National market report

New Orleans

Since Hurricane Katrina devastated the New Orleans Six Flags in 2005, the 150-acre site has remained virtually untouched, save a few failed attempts to reopen the theme park. But a proposal deadline at the end of February garnered new development bids, including a proposal by TPC-NOLA for “Jazzland Theme Park.” TPC-NOLA, a branch of the themed entertainment development firm Paidia Co., also publicly released its plans, which include four components: the theme park itself, a backlot for use by film production companies, Baritone Beach Waterpark and Backlot Shoppes, a mixed-use venue that would include retail, dining, a multiplex movie cinema and office space. The plans estimate the project cost at $50 million for its first phase of development, which includes the theme park and film backlot. The city has an outstanding debt of about $10 million on the property and pays approximately $1.8 million toward the debt each year.

Chicago

Jeanne Gang, the architect best known for designing Aqua Tower, an 82-story apartment complex developed by Magellan Development Group, was selected to design another Chicago skyscraper for the company. Magellan tapped Gang for a project that will include a hotel and residential units. No further details were released. Gang, who has headed her own architecture firm – Studio Gang – since 1997, received widespread acclaim for the Aqua tower. Her design incorporated the use of curved balconies, which not only contribute to the building’s distinct liquid and sinuous form, but also serve a functional purpose — protecting residents from wind and sun. The building, with 262 condo units, 474 apartments and a 334-room hotel, also holds the designation of tallest building ever built by a woman. Prior to Aqua, Gang had never designed a skyscraper, but her work on the building generated attention, including a MacArthur Foundation “genius” grant in 2011.

Los Angeles

The Jia Apartments, a $93 million housing complex nearly 10 years in the making in L.A.’s Chinatown neighborhood, opened with rents starting at $1,690. Developer Equity Residential found the site in 2004 and received city approvals in 2007, but didn’t start construction until 2011, L.A. Downtown News reported. The six story, 280-unit building designed by Thomas Cox Architects features studios, one- and two-bedroom apartments that range in size from 570 square feet to 1,140 square feet, as well as 17,000 square feet of retail space. The project, as well as recent construction of the nearby Blossom Plaza — a mixed use complex that includes 240 housing units and 17,000 square feet of plaza space — reflect burgeoning change in Chinatown, which has historically served a predominantly immigrant community. However, in an effort to create a building that fits in with the older neighborhood, designers of Jia incorporated Chinese design elements into their project, including a “flying roof” and the prominent use of the color red, L.A. Downtown News said.

Seattle

Great Western Pacific released details of a proposal for a gondola that would move east to west along Union Street in the heart of the Seattle’s congested downtown. The development firm, which is headed by the Griffith family — best known for operating the Great Wheel at Seattle’s waterfront — said the project, which is estimated to cost several million dollars, would be privately financed and operated. The half-mile-long gondola route would connect passengers from the Convention Center to the waterfront, while stopping at the Downtown Transit Tunnel, Pike Place Market and the art museum. The plans say the Union Street Gondola could move 1,800 people per hour in an area of the city that is otherwise lacking in public transit options. The developers also pointed to the environmental benefits of the plan: “It is quiet, fast and powered by electricity,” the company’s release stated. Gondolas are an increasingly popular transit solution, with more than 44 systems in cities worldwide. The Georgetown Business Improvement District in Washington D.C. also recently released a plan that would incorporate the use of an aerial gondola.

Palm Beach

Ivana Trump, ex-wife of “The Donald,” listed her 14,400-square-foot estate for $18.9 million. The former fashion model purchased the nine-bedroom, nine-bathroom home for $4.4 million following her divorce in 1994. The mansion, built in 1921, was landmarked in 1998.

Beverly Hills

Actor Bruce Willis marked down his 10,379-square-foot home again, this time to $18 million. Willis originally listed the home in May 2013 for $22 million, and brought the price down to $19.995 million in August. The house, built in 1928, features 11 bedrooms and 11 bathrooms.

Chicago

Basketball legend Michael Jordan marked down his 8,000-square-foot penthouse apartment to $4 million after ex-wife and licensed broker Juanita Jordan listed it for $4.3 million in April 2013. The three-level apartment features four bedrooms, five-and-a-half bathrooms and porcelain floors.